Top 5 Performing Unlisted Shares of September 2026

September was a rough month for Indian stocks. The Nifty 50 dropped 6.06%, its worst September in eight years, but the Primex 40, which tracks unlisted and delisted companies, slid only 1.16%. The private market stayed busy too. NSE finally made its market debut, four other pre-IPO names listed, and Inox Clean Energy filed for a ₹10,000 crore issue. Don't read that as a broad rally, though. Of the 120 unlisted shares whose prices moved, 48 went up and 72 went down.

Here are the five names that stood out to me on price action. Three are exchange-infrastructure plays, one is a consumer company heading toward an IPO, and one is a defence-tech firm that shares very little publicly. I ranked them across the 83 unlisted shares that traded in both August and September, so every number below is a clean one-month move.

1. ICEX - Up 96.08%

ICEX had the biggest jump of the month, ending at ₹5.00. Indian Commodity Exchange runs a commodity derivatives market and competes directly with the listed MCX, with futures in bullion, energy, metals and agri-commodities. Its shareholders include MMTC, Indian Potash and Kribhco, which gives it more institutional backing than most small unlisted exchanges.

The report doesn't name a trigger. My guess is that it's riding the buzz around exchange stocks that NSE's IPO created, but that's only a guess. At ₹5, a few small trades can move the price a lot, so I'd call this a thin-trading spike and not proof of real demand.

2. CSE Limited - Up 28.57%

The Calcutta Stock Exchange is among India's oldest bourses, yet there has been no equity trading on it since April 2013, when SEBI suspended it over compliance, governance and technology issues. Its unlisted shares went from ₹2,100 to ₹2,700 in September, hitting a 52-week high of ₹2,700 on 18 September.

This rally has been building since June, when West Bengal's 2026-27 Budget, presented on 22 June, promised support for the exchange's revival. On 1 July, CSE asked SEBI to keep its February 2025 exit application on hold, and the NSE IPO added to the interest in exchange stocks. Still, it's early days. CSE needs a new trading platform and regulatory clearances, and market experts have pointed to hurdles on both the regulatory and business side.

3. MSEI - Up 25.95%

MSEI, the Metropolitan Stock Exchange of India, is the country's third national exchange after NSE and BSE. Zerodha's Rainmatter and Groww's parent Billionbrains Garage Ventures back it, and it raised ₹1,240 crore over two rounds in December 2024 and August 2025. Its unlisted shares rose to ₹6.95 in September, topped the Primex 40 and touched a 52-week high of ₹7.50 on 14 September.

A few developments helped. On 9 September, reports said Groww and Zerodha were testing integration with MSE for cash-market trading, a process expected to take three to four months. Two days later, MSE enabled its first tokenised corporate bond issue, and from 24 September NSE shares were admitted to trade on MSE. Scale is the catch. MSE's daily cash turnover is only about ₹400-500 crore, the broker integrations are still being tested, and there's no IPO timeline yet.

4. Furlenco - Up 25.66%

Furlenco rents out furniture and home appliances, and its numbers look solid. FY26 revenue came in at ₹370.4 crore, up 61.9%, with a net profit of ₹59.5 crore. The unlisted share climbed to ₹333, a lifetime high it set on 28 September.

IPO talk drove the move. On 22 September, reports said Furlenco is planning a ₹1,000-1,200 crore IPO at a valuation of around ₹7,000 crore, targeted for FY28, and the strong listing of rental peer RentoMojo helped the mood. Remember, this is a reported plan and not a filing, and FY28 is a long way off. On that reported valuation, the stock would trade at roughly 118 times FY26 net profit (our calculation).

5. JSR Dynamics - Up 23.60%

JSR Dynamics is a Nagpur-based defence company that designs and builds airborne guided weapon systems. Boundless Capital took a minority stake earlier this year, with the money meant for expanding capacity and developing new products. The unlisted share rose to ₹11,000 and hit a lifetime high of ₹11,700 on 25 September.

Like ICEX, it had no reported trigger for September's move. With so little public information and a share price this high, I'd treat it as a price move first and a story second, and read the company's disclosures closely before drawing any conclusion.

The Takeaway

September's leaderboard shows where private-market attention went. Three of the five are exchange names (ICEX, CSE and MSEI), helped along by NSE's debut on 24 September. Furlenco is an IPO-bound consumer company, and JSR Dynamics is a defence-tech name with limited disclosure. Two of them, ICEX and JSR Dynamics, moved with no clear catalyst.

NSE itself is a good reality check. Its IPO was priced at ₹1,785, about 10% below its last unlisted price of ₹1,990, and by 1 October the shares were trading 1.29% below the issue price. Unlisted shares change hands in thin, negotiated trades rather than through continuous price discovery, so monthly moves often look bigger than they would in listed stocks. Treat them as a rough direction at best, and study each company's financials and background before you put in any money.

​